Quote:
Originally Posted by rubicon
Cantwaittoarrive: I recall viidly reading about those accounts especially heavy claims in the Tampa-St Pete area. Some of these homeowners were milking the daylights out of these claims. So the insurance industry's response was was certainly expected. and I can't blame them in this case. Insuring property in the stae of Florida is a problem. Florida like new jersey and some other states tried to stat insure and lost or are losing their shirts. It is why Scott opened up an insurers ability to raise premium. in part to help subsidize and reduce the exposure and size of Citizens Property.
Did insurer's go overboard in the amount of premium increases and deductible amounts???? Only your actuary really knows.
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Actually according to what our insurance agent told us, it was the FL legislature that enacted insurance "reform" and allowed the various FL underwriters to walk away from providing sinkhole coverage.